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$550,000 face value bonds were sold at an effective interest rate of 10% to yield cash proceeds less than $550,000. It is apparent that the

$550,000 face value bonds were sold at an effective interest rate of 10% to yield cash proceeds less than $550,000. It is apparent that the bonds had a stated interest rate greater than the market rate. effective interest rate greater than the market rate. effective interest rate equals the stated rate. stated interest rate less than the market rate

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